Metroland Updates
Update Nov 1, 2024
On September 15, 2023, Metroland Media Group Ltd. (the “Company”) filed a Notice of Intention to Make a Proposal (the “NOI”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act. Grant Thornton Limited (“Grant Thornton”) was named as the Licensed Insolvency Trustee under the NOI (the “Proposal Trustee”).
On October 16, 2023, the Company lodged a proposal (the “Proposal”) under Part III, Division I of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, with the Proposal Trustee which was filed with the Official Receiver. The Company filed multiple amendments to the Proposal with creditors voting on, and approving, the Third Amended Proposal on December 11, 2023. The Third Amended Proposal was approved by order of the Court on January 24, 2024.
On October 28, 2024, having completed its adjudication of the claims and having received inspector approval, the Proposal Trustee issued its final distribution to creditors. Please be advised that it may take some time for your cheque(s) to reach you. If you have not received your cheque by November 18, 2024, please contact the Proposal Trustee. Once received, please cash your cheque at your earliest convenience, but no later than November 29, 2024. To address questions creditors may have, the Proposal Trustee has included a list of Frequently Asked Questions. Please review this list before contacting the Proposal Trustee at metroland@ca.gt.com as due to high expected volumes of emails, there may be delays in responding to creditor inquiries. Non-union employees may contact Representative Counsel by email at metrolandemployees@kmlaw.ca
Update from Trustee Oct 22, 2024
We’re currently preparing the distribution packages and expect to issue the cheques on Monday. Please note that they’ll be sent through the mail so it may take some time to reach the recipients. Included in the package, each creditor will receive a letter that includes details related to their distribution, including the amount of their WEPPA claw back.
Unsecured creditors will receive approximately 17.6%.
Trustee information for the WEPP contact
Ada Shahini | Senior Associate
Grant Thornton Limited
11th Floor, 200 King Street West, Toronto, ON, M5H 3T4
T +1 416 607 4577 | F +1 141 360 4949
E Ada.Shahini@ca.gt.com | W http://www.grantthornton.ca/
“…While the Proposal Trustee anticipated making a distribution to creditors in March, 2024, the Proposal Trustee was in receipt of a significant number of claims which it has determined are invalid, misstated or improperly calculated …. The Proposal Trustee is contemplating a partial distribution to creditors, in its sole discretion, and will determine the feasibility of same by mid-April, 2024.”
For more information please see Creditor Updates link below
